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Bitfarms Provides Corporate Update

TORONTO, Ontario and BROSSARD, Québec, June 09, 2021 (GLOBE NEWSWIRE) — Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV: BITF // OTC:BFARF), today provides a corporate update.

Expansion of Mining Fleet

Bitfarms is pleased to announce that it is scheduled to receive and deploy the previously announced 1,500 M31S+ order from MicroBT next week. These new miners are expected to increase the Company’s installed hashrate by 120 PH/s to a total of 1.54 EH/s, among the largest installed Bitcoin hashrates currently reported in North America by a public company. As with all the Company’s current mining infrastructure, the new miners will be powered with 100% hydroelectricity. Bitfarms is also scheduled to receive an identical order of 1,500 M31S+ from MicroBT in July that will increase our installed hashrate to approximately 1.66 EH/s. This new equipment will be installed in our existing infrastructure as well as our new Cowansville expansion set to be completed within the next four weeks.

Nasdaq Update and Change in Escrow Release Schedule

On May 7, 2021, Bitfarms announced its application to list its common shares on the Nasdaq Global Market® was approved by The Nasdaq Stock Market (“Nasdaq”) under the symbol “BITF”. The Company is pleased to announce that the final steps to listing on Nasdaq are expected to be completed shortly. The Company also announces that, as a result of the Company’s listing on Nasdaq, the Company will become an “established issuer” pursuant to the terms of an escrow agreement among the Company, TSX Trust Company and certain securityholders of the Company, dated June 12, 2019, which was entered into at the time of listing the Company’s common shares on the TSX Venture Exchange (the “Escrow Agreement”). Pursuant to the terms of the Escrow Agreement, the release schedule for the securities subject to escrow shall change upon the Company becoming an “established issuer”. Under the new release schedule, the 28,327,212 common shares and 4,341,576 options to purchase common shares currently held in escrow shall be released from escrow immediately upon completion of the Nasdaq listing.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.

Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V.

Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each facility is 100% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play mining company audited by a Big Four audit firm.

To learn more about Bitfarms’ events, developments, and online communities:


Defined Terms

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release. The information in this release regarding expectations in respect to the future delivery and deployment of mining infrastructure, escrowed shares, and about future plans and objectives of the Company, including in respect of listing and trading on Nasdaq, are forward-looking information. Other forward-looking information includes, but is not limited to, information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future…

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